American consumers modestly increased their spending in October, a sign households headed into the fourth quarter and the holiday season on a solid footing.
Sales at restaurants, retail stores and online-shopping platforms rose 0.2% from the prior month, the Commerce Department said Wednesday.
Compared with a year earlier, sales increased 4.6%, a pace that
far exceeds the rate of inflation and wage increases this year. That
suggests consumers are confident about the economy and job prospects,
and are willing to funnel more of their income to spending rather than
savings.. . . more